Bitcoin Forum

In many ways Warren Buffett was right, bitcoin is a rat poison. The rats are those corrupt powers that had the centralized world by the balls all these years and have always been feeling threatened by anything decentralized that could take that power out of their hands and give it back to the individuals that deserve it.

We recently reached a new milestone that you may not be aware of, the total bitcoin market capitalization is now bigger than Buffett's Berkshire Hathaway.
Berkshire Hathaway stock has been getting pumped all year to finally reach the price of last year after pouring so much money in to it meanwhile bitcoin is 292% higher than its last year price.

In this regard, just yesterday I heard Max Keiser say that the big (institutional) players who are betting on bitcoin, like Michael Saylor, are actually betting against the central banks in the same way that Soros bet against the pound in 1992.

The only way the rats would be able to defend themselves would be to raise interest rates, but that is not going to happen in the near future.

It's as if the rats were eating poison, but with a sweet taste, and they couldn't stop.

Lol...Your caption is hilarious. I had a good laugh viewing it. Well, I knew for sure that the old man and the other Bitcoin haters would be in the news once Bitcoin began to rise again. And here it is! Who can take a gander as to what regrets these men would be having now, not having bought Bitcoin early this year when the price was almost at floor level. However, truth remains that people always fight whatever they think threatens their happiness, (in this case business) and this is what WB et al are doing. They forget that from time to time there's always a paradigm shift. Bitcoin (cryptocurrency) is the present day paradigm shift in matters of finance. It's either they embrace Bitcoin or get crushed under its weight. It's that simple a fact.

Yeah,I guess that we will continue with the "Bitcoin is bigger than 'insert random company name' stocks prices" type of forum posts. ;D Which company will the the next one?Google,Amazon or Microsoft? ;D
I couldn't care less about Buffet's opinions in regards to Bitcoin.He clearly said that he doesn't understand how Bitcoin works and he doesn't invest in businesses and financial assets,which ha can't understand.
"Rat poison" is actually a great thing,because it kills rats.Bitcoin is the rat poison,that will eventually kill the "fiat money rats". ;D

Yeah, these centralized individuals are always against something that could set the population free from their shackles.

We are part of new era. Bitcoin is now the biggest peyment service (bigger than visa, mastercard ... 2 times bigger than paypal - and we had a fomo after paypal announced bitcoin support ... paypal hodlers should fomo after listing bitcoin :)... we are bigger), even Etherum is bigger than spotify, BMW, Mercedes.

If that is the reason that he does not invest then I think that it is a reasonable thing to say, do not invest on what you don't know. He could learn about bitcoin though if that is the only reason. I think rats is not the appropriate word for capitalists, maybe pigs or leeches. If companies continues to invest in bitcoin then the day will come that bitcoin will be larger than any company, but I do not think that it will be that easy because there will be innovations that will revolutionize our current technology that might surpass bitcoin's worth.

We have to thank Warren Buffet for though, bitcoin can no longer be ignore by billionaires today, but I'm sure he is still in the denial as of 2020, he can't believed that the one that he called 'rat poison' is worth more than his company he built for many years, but bitcoin is just relatively new, just as young as 10 years old and yet the valuation is in billions and for sure going to hit trillions in years to come.

That's why investors just as Warren make a lot of mistakes in the past, and we could say that we couldn't trust his judgement, because obviously he is very wrong.

People make mistakes, but Buffett will never admit it.

I do hope that someday he would realize that he has to adopt the technology and it is an inevitable innovation for which his company might take the benefits and advantage of it once, he initiates to adopt it.

It's a good rebut from his own words with that particular portrayal which is the rat and which is the poison. And someday, the price of bitcoin will be at par or more than the price of his BH stock.

That's what we call "Sweet Revenge"! If Warren Buffet believed in bitcoin, he could have quadrupled his wealth by this time. But anyway, an 80+ years old man who has achieved so much in his life, can ignore few opportunities because he has nothing more to achieve! So in a way, he shouldn't regret his decision of not investing in bitcoin. But I am happy about the fact that he can see his own mistake of taking a stand against bitcoin. That's more important! In any way, number speaks the truth in business world and we all can see the numbers right now. So cheers and forgive the old man for his mischievous comments on bitcoin. 

Bitcoin, the "rat poison squared" as Buffet had told. Unfortunately, these guys have a great influence to their crowd. This is technological illiteration. The video of him telling it: https://youtu.be/mldCPQ4ypYM

I think the next one is Tencent Holdings (https://www.google.com/search?q=Tencent+Holdings&oq=Tencent+Holdings&aqs=chrome..69i57&sourceid=chrome&ie=UTF-8) which is worthing 500+ billion dollars at the moment. We will surely see bitcoin passing microsoft and apple in the future. (I bet between 2022-24)

Why would he even had to admit that he may have been wrong? He’s a rich old fart who can die at any moment given his age, and he doesn’t really care about Bitcoin now as much as he didn’t care in the past. His statements about Bitcoin are just the result of journalistic provocations that always try to use him for a new clickbait article - and one man's opinion is completely irrelevant no matter what his name is or how much money he has.

There are people who are even richer than Buffett, so no one asks what Bezos, Gates or Zuckerberg think about BTC - although no one should care what they think - everyone should turn on their brain and think with their head.

I’ll add the link where the information can be seen: https://assetdash.com/, bitcoin currently holding the 10th position on the list by MarketCap, after escalating five positions just this month alone.

Recently Buffet declared that:
Whatever …

It’s amazing bitcoin recover from the heavy dump in just three years meanwhile internet stock take a lot longer, ether are doing insane too, it’s just launched in 2016, just four years it’s becoming a mega bluechip that can stand against most Silicon Valley, just FOUR years wow, I’m wondering erhereum is “rat poison” on steroids.

It wouldn’t surprise me if he has a bunch of bitcoin. When he made that famous derogatory quote towards bitcoin he may have been DCA’ing in & wanted the price to dump so he could buy more cheaper. It’s only an idea but if somebody like him said pro bitcoin stuff the price could have flown up (back then).

Alternatively he just hates bitcoin because him & his banker buddies can’t control it.

Regardless he’s irrelevant either way.

Warren buffet only invests in companies not commodities. e.g. he would say exactly the same about gold, silver, corn, orange concentrate, tin, potash or even Baltic sea index futures.

With this comments he means that cryptos are out of his investing universe because they do not have a balance, cash-flow, taxes, shares, etc... that his team can analyse. It does not mean that they are worthless.

Bitcoin is not generated by a company as he may understand the term, however there is a mining community, so arguably, WB could invest in a Bitcoin farm as he could potentially invest in a gold mining company as these are companies - not that any of this sound likely.


Believe me, WB is anything but irrelevant when it comes to big money.

Your comment is right in other matters, he personally could have Bitcoin, as he could have diamonds or gold or silver, but that would not be an "investment" from his point of view.

that quote has two parts, and what you are focusing on is the second part ("not producing anything") but the first part which you ignored is the stupidest statement that anybody can make.
bitcoin does have value since it is providing a utility and it doesn't have to produce anything to have that value. and when he says it has no value he is saying it is worthless.

And yet Bitcoin's current bullrun is driven by institutional investors who interact with centralized platforms and might not even do a single onchain transaction ever. Perhaps Bitcoin will just get integrated in the current centralized system and people will be sending each other Bitcoin via PayPal or use "Bitcoin debit cards".

In the early days Internet was decentralized, free and full of opportunities, now we have majority of the Internet users mostly just visiting the websites of giant companies. Bitcoin might be following the same road - you could do p2p transactions, use Lightning Network, be your own bank - but most people won't.

These two points have always been my guess also and the first one would neither surprise me nor would it be the first case.

I disagree. The bull run didn't started recently. It started 2 years ago when price started reversing from the bottom at $3122. The "institutional investor" thing as a hype is a very recent thing and most of those investment companies that we keep hearing about have been in bitcoin for at least 5 years. Their size is also not as big as the market, the rise happens because billions of dollars worth of bitcoin are being traded on the market every day not on centralized of the market third party IOU trust funds! Each time price goes up $100 it is because at least $100 million worth of bitcoin was bought on exchanges not on those platforms.

It's actually GOOD that Warren Buffett has missed a golden opportunity to invest in one of the largest asset price moves of the century. How long must the network exist before these people accept Bitcoin as an asset, and as a protocol?

Bitcoin has a history of some great recoveries like the one from $150 all the way to $20000 and then 3000 to 30000. ETH is not doing that great in comparison.

Many people believe ETH is lagging behind and is going to explode when people move their bitcoin profits into altcoins but maybe the altcoin boom in 2018 that ICOs propelled is never going to happen again. People are becoming smarter and see that altcoins used to be like a shortcut to fiat profits. People thought they'd do better than BTC because they were cheaper and could be pumped much easier but now less and less people choose altcoins over bitcoin and ETH is holding on only because of 2.0 hype. It can meet the same fate as XRP next year when the hype dies.

Yup, one wouldn’t argue how ether has create many ICO that boom so insane, just like dot com stock boom and bust, the booms in 2018 is too profound and leaving many wondering what’s the exact value all the total ICO value combined at the peak, yup many ICO get dumped quicker too. I believe it’s counting in more than trillions dollar, and that’s the most profitable year in the bitcoin history. Over the long term prospect, bitcoin is always the investor choice. Yup, Warren definitely can’t get how ether work too, it’s some crazy rat poison.

Sooner or later the Mr. Warren Buffet will buy the bitcoin or the  Buffett's Company the Berkshire Hathaway will start implementing crypto for the payment system or the smart contract.

And what mistake did Warren Buffett particularly make in relation to Bitcoin?

It is never a mistake to have some standards. It so happened that Bitcoin didn't fit the man's set of standards. Some of those investment opportunities which this legend, who is touted as the greatest investor of all time, once dismissed might have found a lot of success and growth later on. That certainly includes Bitcoin. But, again, those are not his cup of tea.

I don't know the real reason why Warren Buffett hates Bitcoin, but hopefully he will not regret his decision not to invest in Bitcoin. Even though
many companies and wealthy people have finally realized the potential of Bitcoin. I still hope Buffett can change his mind and decide to invest
in Bitcoin, if that happens the Bitcoin price will rise even higher. But if Buffett remains stubborn with his decisions, I don't mind this either. Even
though Buffett doesn't invest in Bitcoin, I believe the Bitcoin price is still going up.

Having thought of Justin Sun spending millions just to convince him over lunch just made things even sillier ;D

You can never expect someone like Buffet with this age to defend and use bitcoin unless on some special cases, people in his age usually avoid accepting something new and the believe their old traditional system. Sometimes they are right and sometimes wrong. Rat Poison is completely right, bitcoin is rat poison for the fiat and central corrupted system and they can't do anything about it. Here old fashion people such as buffet will feel regret when they see bitcoin is trading above 30K and they could get amazing profit out it. But, they didn't because they accepted the rat poison theory.

I believe it would be later, when Bitcoin is valued , and stable at 6 digits per coin. He will be part of the last stage, we might be part of the early adopters, and near early majority stage. But how much more time does Warren Buffett have in the world?

https://greatdisruption2018.com/wp-content/uploads/2017/10/Technology-adoption-S-curve.gif

that was fake news bro. he has been trying a lot of these types of public stunts for a long time. the purpose has always been to make himself "popular" and end up selling his centralized shitcoin to traders so that it can be pumped and make him some of the millions he has spent in pumping that shitcoin so far.

I can imagine Warren Buffet farting uncontrollably after watching the latest Bitcoin rally. The current rally is a big tight slap to his face. Buffet was always overhyped as an investor. He managed to invest in the right stocks and he had a big capital to start with. There are several other successful investors out there, who started from the scratch. But they never got the same level of hype which Buffet received.


Justin Sun himself is a big fraud. So it doesn't surprise me that he try to advertise Mr. Buffet. He should use his millions to compensate those investors who lost their life savings after investing in the TRX shitcoin.

Ahh, it’s pleasure to see this post showing off how cool is bitcoin in the first place. This is what we all should talk about, the greatness of bitcoin and its ability to overcome any comparative asset around the globe. I just can’t believe it how we have overcome the Berkshire total cap by almost 292% and that’s mega jump made by any existing asset even traditional Gold!! I mean the later one is around the globe since thousands of years and yet bitcoin competed it smoothly.

He has a different view, you could say the way of thinking of an older man, he is 90 years old now, almost a century, someone who has lived so long and possibly wants to live longer. He has everything that he wants, but not eternal life, can spend his money on anything but prefer not in bitcoin or gold because that is how he think and refer to productive investment. Nonetheless, the bitcoin market cap over $628 billion, bitcoin at 9th place, with a total market cap exceeding Taiwan Semiconductor (TSMC) and will soon overtake Alibaba at 8th.

This is already a remarkable bitcoin market price I had ever thought. I was not able to experience the 2017 ATH but was only able to see it in graph way back 2017. However, this time it really a surprise to me and always bitcoin market is very unpredictable. You will never going to know when will market fall down and sudden market increase just like to what happen this year.

I believe that Buffet has either already invested in bitcoin and has a substantial amount of his wealth anonymously parked in bitcoin form, or he hasn't he will invest in some sort of company that has a link to bitcoin when the adoption is grown so much that it can no longer be ignored, like an exchange, a mining farm, a mining equipment producer, things like that.

I didn't notice that worth making a note of as I was watching market cap, I agree though with you that the Centralized world has had the world by the balls for years. With the federal reserve not planning to stop printing money till 2023 and 20% of all greenbacks printed in 2020 alone, it harkens back to 2008 for a new generation of crypto users.

That said buffet is legacy so he doesn't need to care his successors will for him

It's not correct to compare market caps Berkshire Hathaway and Bitcoin & Crypto. The first is a multinational conglomerate; the latter is far away from this conception.

I'm pro-crypto, but we have to respect each other point of view. Even if Buffett owns a $1bn in crypto or $0 in crypto, it doesn't make any difference, both for him and for us.

The definition of "value" for WB is not what you would usually understand as value in an economic context, rather a concept related to the value of companies - hence this statement that may seem wrong to people who are not familiar with his philosophy.

Just for the shake of the argument, it is the bitcoin network (miners, users, exchanges,...) that actually provide economic value. Bitcoins are just an electronic record on a database replicated in many nodes. I recently had a look at Adam Smith´s works regarding that wealth is a nations labour and ability to produce, not their stores of precious metals. Looks like it could be applied here.


There is one rule that WB tries to follow strictly: Avoid any chance of permanent loss of capital. This obviously means that many opportunities will be lost, but also that risk is carefully minimised.

WB was absolutely unhappy with the Fed giveaways of helicopter money. As he said famously, when the tide is low, you can see who is not wearing the swimsuit. However the Fed has made sure that the tide was never low and Warren could not use the crisis to hunt any Elephant with his humongous cash reserves.

Tip for the future: Now all companies consider safe to take risks beyond reason - AKA swimming naked.

I have recently watched one of Chamath Palihapitiya's speeches and he says that technology and Bitcoin is not Buffett's "zone" or something like that. Keep in mind that Chamath calls himself a disciple of Warren and Charlie Munger. With all the respect, you can't expect a 90 years old man to understand a technology phenomenon that is only 12 years old. Yes, he is a guru in investing, but that doesn't mean he has a crystall ball or if his opinion is worth anything in a subject he has no expertise in.

You would be surprised! Bitcoin is not really difficult to understand compared to an insurance company statement :)

Eventually, Warren Buffet will understand the true value of Bitcoin as we know, he always says Bitcoin is a bubble, that it doesn't really have a value. But look at it right now, it is dominating the market even if there's a ton of rumors about how Bitcoin is paving its way up to higher.

I'm not sure but one of my friends said that it was planned to pump BTC from the US dollar in preparation for the COVID crisis. I am not believing this, the reason for the pump is because of the demand, demand, or belief of the people who think that Bitcoin is better than stocks and way better than Berkshire Hathaway stock who is governed by Warren itself.